Business, international

Barbarians at the gate: technology challenges Jockey Club's monopoly

Article Abstract:

The Royal Hong Kong Jockey Club has a government-given monopoly on gambling, but it is getting some competition from the Internet. The Jockey Club's chief executive, Major-General Guy Watkins, is worried about the new competition. The Club has responded by making its betting systems more user friendly. About 600,000 customers have telephone wagering accounts, 62,000 of which can punch in bets automatically rather than going through an operator. The Club has invested $1 billion to widen the Happy Valley racetrack, which it hopes will lead to more betting.

Banking on destiny

Article Abstract:

Bob Harilela of the wealthy Harilela clan in Hong Kong pursues a private investment style built around blue chip stocks and fixed deposits in a range of currencies. He and his five brothers, co-owners and managers of the Harilela Group, emphasize diversity in their businesses but believe destiny controls what one keeps or loses. Bob relies on his brother Peter and other brokers, rather than private bankers, to make suggestions for stock picks. He does not hedge currency risks, but does use about $640,000 for speculative investments.

Command centre

Article Abstract:

Hong Kong remains the location of choice for US firms operating in Asia to establish their regional management centers. The Hong Kong Trade Development Council reports that the colony has 228 regional offices and 198 regional headquarters for US companies. US investment in Hong Kong measured on a historical cost basis increased by 17.8% in 1993 to $11.985 billion in 1994. The American Chamber of Commerce in Hong Kong has over 1,200 member companies.